Bankwest Low Rate Business Mastercard – Review

Bankwest Low Rate Business Mastercard Find out more Go to site

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  • Clicking Go to site will take you to your Online Application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
Click here to start your application >>

Make purchases and run your business with a low interest rate credit card that was designed to assist you in managing expenses.

For new customers who apply before 5 March 2018, purchases made on the card will be subject to 0% p.a. interest for 12 months. The competitively low 11.99% p.a. interest rate is applied to purchases outside of the promotional period, balance transfers and cash advances. Pay down your existing credit card debt for less and manage your cashflow with the Bankwest Low Rate Business Mastercard.

Product NameBankwest Low Rate Business Mastercard
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 11.99% p.a.)
Offer end date5 March 2018
Annual fee$99 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)11.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Minimum Monthly Repayment$20 or 2%
Card TypeMastercard
Late Payment Fee$35
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Annual Fee$99 p.a.
Minimum Repayment$20 or 2%
Late Payment Fee$35
Over Limit Fee$30
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas Emergency Replacement$25
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders3
BPAYYes
ChequeNo
Direct DebitNo
Australia PostNo
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailNo

Pros

  • New card customers who apply by 5 March 2018 and are approved can enjoy 0% p.a. for the first 12 months on purchases.
  • Low rate of 11.99% p.a. on purchases and cash advances.
  • Flexible credit limits between $2,000 and $50,000.

Cons

  • No rewards program or insurance covers.

Bankwest Low Rate Business Mastercard review

The Bankwest Low Rate Business Mastercard gives you the opportunity to pay off your business debt by consolidating it into one manageable account. The interest rate for transferring your balances is currently at 11.99% p.a. When you apply before 5 March 2018, new purchases made on the card will be subject to 0% p.a. interest for 12 months.

This is a personal liability credit card best suited to small businesses. If your company is larger you might want to consider exploring business credit cards that allow liability to be assigned to the business, not its owner.

Benefits of the Bankwest Low Rate Business Mastercard

  • Introductory purchase rate. Pay 0% p.a. interest on purchases for 12 months when you apply and are approved before 5 March 2018. After the 12 months is over, any outstanding purchases will be charged at the standard ongoing purchase rate.
  • Low interest rates. A uniform interest rate of 11.99% p.a. applies to purchases outside of the promotional period, cash advances and balance transfers.
  • Balance transfer. You can transfer balances from non-Bankwest credit or store accounts issued in Australia to this card. Any balances transferred will attract an 11.99% p.a. interest rate. You can transfer up to 95% of the approved credit limit.
  • Interest-free days. For purchases only, there are up to 55 interest-free days. These can only be taken advantage of when the account has been paid in full for the current and preceding statement period. Interest-free days will not apply to balance transfers or cash advances.
  • Eligible for Android Pay. The Android Pay feature allows Bankwest cardholders to tap and go at the checkout with their Android device.

Features of the Bankwest Low Rate Business Mastercard

In addition to the competitive rates on balance transfers, purchases and cash advances, the Bankwest Low Rate Business Mastercard offers your business the following features:

  • Annual fee. This card attracts a standard annual fee of $99 p.a.
  • Foreign transactions. When you make a purchase that involves the conversion of a foreign currency to the Australian dollar, you will be charged 2.95% of the Australian dollar amount.
  • Card replacement. For the replacement of a lost card, you will be charged $25.
  • Additional cardholders. You are permitted to have up to 3 additional cards with your account for no charge. Your monthly statement will contain detailed information for each card held on the account.
  • Liability. Despite this being a business credit card, the liability for any fraudulent use is the sole responsibility of the primary cardholder and not the business entity.
  • Credit limit. Depending on your individual financial circumstances, the amount of credit allowed will range from $2,000 to $50,000.
  • Repayments. The minimum repayment amount each month will be the greater of $20 or 2% of the total balance.

How to apply for the Bankwest Low Rate Business Mastercard

Eligibility criteria

  • 18 years of age or older
  • Australian permanent resident
  • Meet Bankwest lending criteria
  • Do not have an overdue debt with the Australian Tax Office

Required documents

  • Verifiable identity information if you're a new Bankwest customer
  • Details of your financial information, including income, assets, expenses and liabilities
  • Any additional cardholders' names and email addresses

When considering a new credit card for your business make sure to examine all of the features offered to determine what will best help you meet your goals. Liability should also be considered, especially if your business is a larger one.

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Rates last updated November 20th, 2017
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